How Do you get a MORTGAGE today in this economy?

How do you get a mortgage today? Well that is the million dollar question for alot of potential buyers, for sellers and for Real Estate agents not only here in Manchester NH but throughout the country. In this day an age where the banks are not lending money so freely, it is so important to make sure buyers are prequailified with local and trusted lenders before starting to look at homes as well as for listing agents it is all so important for the properties to be able to be approved for a buyer to get a mortgage on the property. The most common question is the property up to code and in good enough condition for that buyer to get a mortgage...

The first step any potential buyer needs to do when they start thinking they want to buy a home, is to contact a local and trusted mortage broker, bank or credit union. STAY AWAY from the internet lenders. A good local loan officer will pre-qualify you at no cost. They will look at your credit score but more importantly your whole financial picture. You should get together your last 2 years tax returns, your last 2 pay stubs, last 3 months bank statements and a list of your income and expenses. This includes your credit report, current income, debt and employment history. They will let you know what programs you may quailify for and what the down payment and closing costs for each are so you can compare them.


For listing agents one of the most important things is walking through your listing and knowing what types of mortgages can be or cannot be used to purchase it. I run into this problem often with several of my bank owned listings. It is important to educate the asset managers and banks when pricing  a property. If the bank is willing to make repairs, the price is usually closer to market value as all mortgages can be used to purchase it. If the banks do not want to make any repairs, often times no mortgage can be used to purchase the house and the only choice is a cash buyer. When pricing it is important to know that cash buyers will not pay retail. Therefore the price has to be set at what is considered a 30 day quick sale price.

The same steps need to be used when listing, selling or buying a short sale. Any repairs needed to get a mortgage should and must be indcluded in the initial offer in order for the sellers bank to consider it. Banks usually will not negotiate a second time after an inspection or appraisal. If listing agents make sure the house can or can not get a mortgage uo front, it can save alot of time and aggravation for all involved. Buyer brokers should as well protect their buyer by making sure these steps are followed..

Water leaks will need to be fixed.


Flooring needs to be free of tears and unrepairable stains


Walls need to be free of holes and peeling paint


All light fixtures neet to be attached and loose wires need to be capped and in a junction box.


And the furnace, hot water and all utilities should be working properly


Thank you for your time and i hope this assists you in buying or selling your home.

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Updated Sept. 4, 2011

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